The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.
In 2007, new versions of the 5 to 50 naira banknotes were announced. The 10, 20 and 50 naira will be polymer banknotes, although currently only the 20 naira is made of polymer. The notes are slightly smaller and redesigned.
|Currently Circulating Banknotes|
|Image||Value||Dimensions||Main Colour||Description||Date of|
|₦100||151 × 78 mm||Red and multicolour||Obafemi Awolowo||Zuma Rock||As portrait(s), "CBN", value||1999||1 December 1999|
|₦200||Blue and multicolour||Ahmadu Bello||Pyramid of agricultural commodity and livestock farming||2000||1 November, 2000|
|₦500||Purple and multicolour||Nnamdi Azikiwe||Off-shore oil-rig||2001||4 April, 2001|
|₦1000||Purple||Aliyu Mai-Bornu, Clement Isong||CBN's corporate headquarters in Abuja||2005||12 October 2005|
|₦5||130 × 72 mm||Mauve||Abubakar Tafawa Balewa||Nkpokiti dancers||Central Bank of Nigeria logo, "CBN"||2006||28 February, 2007|
|₦10||Brown||Alvan Ikoku||Fulani milk maids|
|₦20||Green||Murtala Mohammed||Ladi Kwali|
|₦50||Blue||Hausa, Igbo and Yoruba men and a woman||Local fishermen|
On the 1000 naira notes, there is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of Nigeria.
The naira was scheduled for redenomination in August 2008 (Although this has now been cancelled by President Alhaji Umaru Musa Yar'Adua), with 100 old naira to become 1 new naira. The Nigerian Central Bank has stated that it will make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. Bank governor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would "only intervene in the market as may be required to achieve defined policy objectives"..
|Date||Naira per US $||Date||Naira per US $|
|1972||0.658||1990||8.04 (9.30 PM)|
|1974||0.63||1992||17.30 (21.90 PM)|
|1975||0.616||1993||22.33 (56.80 PM)|
|1976||0.62||1994||21.89 (71.70 PM)|
|1977||0.647||1995||21.89 (84.58 PM)|
|1978||0.606||1996||21.89 (84.58 PM)|
|1979||0.596||1997||21.89 (84.70 PM)|
|1980||0.550 (0.900 PM)||1998||21.89 (88-90 PM)|
|1981||0.61||1999||85.98 (105.00 PM)|
|1982||0.673||2000||99-106 (104-122 PM)|
|1983||0.724||2001||109-113 (122-140 PM)|
|1984||0.765||2002||114-127 (135-137 PM)|
|1985||0.894 (1.70 PM)||2003||127-130 (137-144 PM)|
|1986||2.02 (3.90 PM)||2004||132-136|
|1987||4.02 (5.90 PM)||2005||128.50-131.80|
|1988||4.54 (6.70 PM)||2006||120-125|
|1989||7.39 (10.70 PM)||2007||115.50-120|
PM = Parallel Market
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